Reinsurance News
Wildfires in British Columbia cause insured losses of more than $720m: IBC
6th October 2023
Catastrophe Indices and Quantification Inc. estimates over $720 million in insured losses have been attributed to wildfires in the Okanagan (McDougall Creek) and Shuswap (Bush Creek East), resulting in these wildfires being named the most costly insured event ever recorded in British Columbia and the tenth costliest in Canada’s history. Aaron ... Read the full article
iprism acquires property MGA SK Underwriting
6th October 2023
Specialist commercial, property and high net worth Managing General Agent (MGA) iprism, has acquired property focused MGA, SK Underwriting Limited for an undisclosed fee. SK Underwriting was formed in 1999 and it is based in Kent. It offers a range of Commercial small and medium-sized enterprises (SMEs) products, principally focused on ... Read the full article
ICS likely to be the most regulatory development for global insurers in 2024: Fitch
6th October 2023
According to Fitch Ratings, the finalisation of the Insurance Capital Standard (ICS), a new global solvency standard for internationally active insurance groups, is likely to be the most significant regulatory development for global insurers in 2024. The agency explained that a public consultation on the ICS as a prescribed capital requirement ... Read the full article
Kita partners with Puro.earth to insure biochar carbon credit transactions
6th October 2023
Kita, a carbon insurance specialist and Lloyd’s of London coverholder, has entered into a partnership with ICROA-backed carbon standard, Puro.earth, to offer biochar insurance exclusively to projects certified under the Puro Standard. According to Kita, this partnership with Puro.earth will increase the firm's ability to manage carbon credit delivery risk for high-quality ... Read the full article
WTW hires Lockton’s Scardino and Gould
6th October 2023
Broker WTW has announced the appointment of Frank Scardino as North America Strategic Sales Leader and Leader of the Dallas Market. Simultaneously the company has appointed Kenneth Gould as Strategic Client Engagement Leader within Corporate Risk and Broking (CRB), North America. Both Scardino and Gould align perfectly with the growth strategy ... Read the full article
Arch names Seamus Fearon as CEO, International Mortgage
5th October 2023
Arch Capital Group Ltd. (Arch) has announced the appointment of Seamus Fearon as the new CEO of International Mortgage for the Global Mortgage Group. In his expanded role, Fearon will oversee Arch's Australian and European mortgage operations, as well as the Government Sponsored Enterprise (GSE) Credit Risk Transfer (CRT) and Services ... Read the full article
Moody’s cyber survey reveals growing budgets and improved governance
5th October 2023
In a recent comprehensive survey conducted by Moody’s Investors Service, involving over 1,700 global respondents, key insights into cybersecurity practices among global debt issuers have come to light. The findings not only shed light on the evolving landscape of cybersecurity but also underscore the potential impact of emerging risks on the ... Read the full article
Jensten appoints Matthew Gibson as Group M&A Director
5th October 2023
Jensten, a UK broking and underwriting businesses, has announced the appointment of Matthew Gibson as Group M&A Director. His appointment strengthens Jensten's senior team, the firm stated, and comes as the business prepares to announce further acquisition deals. Gibson brings to his new role two decades of experience in the broking sector ... Read the full article
Insurtech Reserv raises $20m Series A round to accelerate growth
5th October 2023
Reserv, a leader in AI-driven insurance claims processing, has announced the close of its $20M Series A round of financing to expand its generative AI claims data analysis tools. This latest funding round was co-led by Altai Ventures and Bain Capital Ventures (BCV) with participation from AXIS Capital, Arch Capital Group, ... Read the full article
Aviation reinsurance market faces challenges and ongoing dispute amid diverging trends: Gallagher
5th October 2023
In the latest edition of Plane Talking, re/insurance broker Gallagher noted that as the aviation reinsurance and retrocession markets approach the final quarter of 2023, they continue to grapple with a range of complex challenges and evolving market dynamics. In its Q3’23 edition of Plane Talking, Gallagher noted that one significant ... Read the full article
Record 89% of U.S. companies eye full divestment of pension liabilities: MetLife’s 2023 Poll
5th October 2023
The U.S. pension risk transfer market is on a record-breaking trajectory, with an overwhelming 89% of companies planning to divest all their defined benefit (DB) pension plan liabilities, according to MetLife's 2023 Pension Risk Transfer Poll. This indicates that the momentum witnessed in recent years is set to continue, with an ... Read the full article
Ascot Group appoints Mark Wilcox as CFO
5th October 2023
Bermuda-based global specialty insurance firm Ascot Group has named Mark Wilcox as its new Group Chief Financial Officer, reporting to Group CEO and President Jonathan Zaffino, effective November 8, 2023. Wilcox joins Ascot from Selective Insurance Group, where he led global finance operations and capital management strategy, as well as ... Read the full article
Nuveen names Kyrylo Sukhanenko Managing Director, Head of UK Insurance
5th October 2023
Global investment management firm Nuveen is strengthening its UK insurance offering with the appointment of Kyrylo Sukhanenko as Managing Director, Head of UK Insurance. In his new role, based in London, Sukhanenko will be responsible for further developing Nuveen’s UK insurance client segment, playing a pivotal role in the firm’s product ... Read the full article
Peak Re posts net profit in H1’23 vs year-ago net loss
5th October 2023
Hong Kong-based global reinsurer Peak Re has recorded a net profit of $160 million for the first half of 2023, compared to the prior year’s net loss of $103 million. Peak Re reported reinsurance revenue of $750 million, reflecting a slight decrease from $971 million in the same period in 2022. Property ... Read the full article
US life insurers not at risk from commercial real estate exposure: Fitch
5th October 2023
US Life Insurers to withstand commercial real estate deterioration (CRE) exposure thanks to their stable investment portfolios, which include high-quality, diversified exposures, conservative underwriting, strong liquidity and effective asset-liability management (ALM), according to Fitch Ratings. Therefore, analysts expect CRE losses to remain within ratings sensitivities, given the strength of diversified portfolios, ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
